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Weekly Numismatic World News for November 12, 2017

November 13, 2017 in Blogs, Coins, Collecting, Crypto Currency, Currency, Digital Currency, Education, Entertainment, History, News, Numismatica, Numismatics, Opinion, USA Coins, World Coins

By: Scott Barman Coin Collectors Blog (CoinsBlog.ws)

As I peruse the Interwebs for numismatic-related stories from non-numismatic sources, my searches are inundated with stories about Bitcoin, crypto-currencies, and blockchains. Most of the time, the stories are just noise given my objective to find information relevant to collectors including the issuance of circulating currencies and the impact of precious metals on the market. […] Full article at the source>

Source: Coin Collectors Blog (CoinsBlog.ws)

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Blockchain Technology Allows Digital Investment in Precious Metals

December 1, 2016 in Crypto Currency, Currency, Digital Currency, Education, Gold, History, News, Numismatica, Numismatics, Opinion, Precious Metals, Royal British Mint, Virtual currency

By: Kendall Bailey News.CoinUpdate.com (Coin Update News)

blockchain-main-img

This morning there was a post on LinkedIn that caught my eye. It was a piece from the Telegraph that talked about how the Royal Mint is going to begin offering gold trading using blockchain technology.

If you’re asking yourself what “blockchain” means, I’m sure you’re not alone. I knew the term was somehow related to cryptocurrency, but that was all. I spent a couple of hours reading and bouncing ideas off my three-year-old, always a good sounding board, and decided to write a little bit about it.

Blockchain Technology

This is the technology that Bitcoin is based on. Don’t let words like… Full article at the source>

Source: News.CoinUpdate.com (Coin Update News)

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Bitcoin Set to Overtake eBay’s PayPal in Transaction Volumes

May 26, 2014 in Bitcoin, Currency, Digital Currency, E-commerce, Ebay, Investing, News, Virtual currency

By: Jerin Mathew. May 24th, 2014 (http://www.ibtimes.co.uk/) (international Business Times)

Bitcoin

Bitcoin

Popular digital currency bitcoin is expected to overtake e-commerce giant eBay’s payment processor PayPal in terms of US dollar transactions in the near future.

California-based hedge fund Laureate Trust says that bitcoin is fast establishing itself as the currency to use globally and instantly to make purchases or payments over the internet recording nearly $300m (£178m, €220m) daily in transactions.

“Whenever you have an instrument that trades over 300 million US dollars a day, it must be recognized,” Peter Tasca, CEO of Laureate Trust, said in a statement.

“The digital currency works, Bitcoin has greater volume transactions than Western Union and we anticipate it will overtake PayPal later this year.”

PayPal processes payments totalling $315.3m every day, according to Statistic Brain.

“In the next one or two years, Bitcoin can surpass the dollar transaction volumes of other established payment companies including Discover, and even American Express, MasterCard, and Visa,” said SmartMetric CEO Chaya Hendrick.

Bitcoin was launched in 2008 and is traded within a global network of computers. They can be transferred without going through banks or clearing houses, reducing fees involved in the services significantly.

Full article at the source>

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Judge orders Mt Gox CEO Mark Karpeles to US over missing bitcoins

April 3, 2014 in Bitcoin, Digital Currency, News, Virtual currency

Reuters | Apr 2, 2014 (http://timesofindia.indiatimes.com/)

Bitcoin

Bitcoin

The chief executive of Japan’s Mt. Gox, once the world’s leading bitcoin exchange, was ordered to the United States to answer questions related to its US bankruptcy case, filed after the company lost $400 million of customers’ digital currency.

US Bankruptcy Judge Stacey Jernigan has ordered Mark Karpeles to appear on April 17 in Dallas at the offices of Baker & McKenzie, the law firm that represents Mt. Gox.

Mt. Gox customers want its chief executive and majority owner, Karpeles, to explain why the exchange shut down in February and what happened to their 750,000 bitcoins, which the company said were stolen in a computer hacking attack.

Full article at the source>

Related posts

http://numismatica.com/mt-gox-ceos-blog-hacked-alleged-bitcoin-balances-posted/

http://numismatica.com/mt-gox-finds-116-million-worth-of-bitcoins/

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IRS rules Bitcoin will be taxed as property, not as currency

March 25, 2014 in Bitcoin, Currency, Investing, News, Taxes, Virtual currency

By Adrianne Jeffries on March 25, 2014 (http://www.theverge.com)

The IRS previously admitted it wasn’t sure how to tax Bitcoin, but today it’s reached a decision. Bitcoin and other virtual currencies are considered property, not currency, according to a notice posted today. That means Bitcoin owners may have to pay taxes on the income they gain as Bitcoin increases in value, and may be able to deduct a loss if Bitcoin loses value, just as if Bitcoin were a stock.

“In some environments, virtual currency operates like ‘real’ currency,” the IRS writes, “but it does not have legal tender status in any jurisdiction.” Therefore, “virtual currency is treated as property for U.S. federal tax purposes” and “general tax principles that apply to property transactions apply to transactions using virtual currency.”

The ruling takes effect immediately and failure to comply will result in fines. However, the agency says it will allow leniency for failure to file in the past if there is “reasonable cause.” (Presumably the absence of a rule would qualify.)

The ruling takes effect immediately and failure to comply will result in fines

Full article at the source>

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Mt. Gox finds $116 million worth of bitcoins

March 22, 2014 in Bitcoin, Digital Currency, News, Virtual currency

The exchange filed for bankruptcy protection stating that 850,000 bitcoins had disappeared

By: By John Ribeiro | March 21st, 2014  IDG News Service (http://www.infoworld.com)

Mt. Gox has said it found 200,000 of the bitcoins it claimed may have disappeared as a result of a software flaw.

In a statement on its website Thursday, the failed exchange said it found 200,000 bitcoins in an old-format digital wallet, reducing the number of bitcoins missing to 650,000.

The finding may be a glimmer of hope for Mt. Gox’s customers, although bankruptcy proceedings in Japan and the U.S. are unlikely to result in a speedy determination of which creditors get paid first. The 200,000 bitcoins were worth about $116 million at market price Friday.

Wallets are software programs for holding and transferring bitcoins, and other payments applications. The wallet in which the bitcoins were found were used in the past and the exchange thought it no longer held any bitcoins, wrote Mark Karpelès, Mt. Gox’s CEO.

Full article at the source>

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Shutdown of Mt. Gox Rattles Bitcoin Market

February 26, 2014 in Bitcoin, Investing, News, Virtual currency

Closure Raises Concern About the Future of Unregulated Virtual Currency

By Robin Sidel, Michael J. Casey and Eleanor Warnock. February 25th, 2014 (http://online.wsj.com/)

The virtual currency bitcoin suffered the biggest setback in its five-year history after a major exchange shut down on Tuesday, stoking concern about the future of a digital form of money traded by professional investors and ordinary people, but regulated by no one.

The abrupt closure of Tokyo-based Mt. Gox underscored the risks of a virtual currency that has seen a meteoric rise in the past year. Unlike a U.S. bank failure, in which deposits are insured by the government, there may be little recourse for people whose money is locked up in the shuttered exchange.

Federal prosecutors in Manhattan subpoenaed Mt. Gox this month, asking the bitcoin concern to preserve certain documents, among other things, according to a person familiar with the matter.

Full article at the source>

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Why Bitcoin Matters

February 11, 2014 in Bitcoin, Digital Currency, Investing, Opinion, Virtual currency

By MARC ANDREESSEN Another View January 21st, 2014 (http://dealbook.nytimes.com)

Editor’s note: Marc Andreessen’s venture capital firm, Andreessen Horowitz, has invested just under $50 million in Bitcoin-related start-ups. The firm is actively searching for more Bitcoin-based investment opportunities. He does not personally own more than a de minimis amount of Bitcoin.

A mysterious new technology emerges, seemingly out of nowhere, but actually the result of two decades of intense research and development by nearly anonymous researchers.

Political idealists project visions of liberation and revolution onto it; establishment elites heap contempt and scorn on it.

On the other hand, technologists – nerds – are transfixed by it. They see within it enormous potential and spend their nights and weekends tinkering with it.

Eventually mainstream products, companies and industries emerge to commercialize it; its effects become profound; and later, many people wonder why its powerful promise wasn’t more obvious from the start.

What technology am I talking about? Personal computers in 1975, the Internet in 1993, and – I believe – Bitcoin in 2014.

Full article at the source>

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The Definitive History of Bitcoin

December 19, 2013 in Bitcoin, Digital Currency, Education, History, Investing, Virtual currency

An infographic by Visual Capitalist Dec. 13th, 2013.

In 2008, the aftermath of the Subprime Mortgage Crisis created the perfect storm for the emergence of Bitcoin. Here is the definitive history of the famous crypto-currency. –

Full Infographic at the source>

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Greenspan Says Bitcoin a Bubble Without Intrinsic Currency Value

December 10, 2013 in Bitcoin, Currency, Digital Currency, Investing, Money, US Federal Reserve, Virtual currency

By Jeff Kearns  Dec 4, 2013 (http://www.bloomberg.com) (Saving and Investing)

Former Federal Reserve Chairman Alan Greenspan said Bitcoin prices are unsustainably high after surging 89-fold in a year and that the virtual money isn’t currency.

“It’s a bubble,” Greenspan, 87, said today in a Bloomberg Television interview from Washington. “It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven’t been able to do it. Maybe somebody else can.”

Bitcoins, which exist as software and aren’t regulated by any country or banking authority, surged to a record $1,124.76 on Nov. 30. The currency has rallied on growing interest from investors, while merchants are starting to accept Bitcoins and U.S. officials have told lawmakers such payments could be a legitimate means of exchange.

Full article and video at source>

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The $11 million in bitcoins the Winklevoss brothers bought is now worth $32 million

November 11, 2013 in Bitcoin, Investing, News, Virtual currency

By: Timothy B. Lee The Switch. Nov, 9th, 2013. (http://www.washingtonpost.com)

A lot of people laughed at Tyler and Cameron Winklevoss when they announced in April that they had acquired $11 million worth of bitcoins. The announcement came on April 11, the day after the virtual currency hit a record high of $266 and then plummeted to $120. Over the next few days, it would fall as low as $50, cutting the value of the brothers’ bitcoin stake in half.

But since then, their investment has paid off big-time. A source close to the Winkelvoss brothers says they haven’t sold any of their Bitcoins since April. Bitcoins are now worth $350, almost three times the $120 the New York Times quoted in its April 11 story. So that $11 million worth of bitcoins is now worth around $32 million.

Full Article at source>

 

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Record bitcoin payment of $1 million spent on new mining hardware

October 30, 2013 in Bitcoin, Digital Currency, Investing, News, Virtual currency

James Niccolai, IDG News Service@jniccolai Oct 29, 2013 (http://www.pcworld.com)

Bitpay, a company that lets businesses accept payments in the Bitcoin virtual currency, has just processed its first $1 million transaction.

The money was spent on new bitcoin mining hardware sold by Butterfly Labs, a company in Kansas City that makes specialized computers used to unlock new bitcoins and help manage the bitcoin network, Bitpay said on Tuesday.

The order was only a down payment on a forthcoming order, which will be worth more than the million dollars just spent, said Jeff Ownby, a spokesman for Butterfly Labs.

It was placed by a U.S. corporation that’s an existing Butterfly customer, Ownby said. Butterfly will disclose the customer’s identity in the next day or so, he said, but Butterfly appeared to have been caught off guard by Bitpay’s announcement and wasn’t prepared to do so yet.

Full article at source>

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Man Forgets About Buying $27 of Bitcoin, Is Now Worth About $1 Million

October 30, 2013 in Bitcoin, Digital Currency, Investing, News, Virtual currency

By:  Ashley Feinberg. 10, 29Th 2013 (http://gizmodo.com)

Four years ago, Oslo-man Christopher Koch’s girlfriend scoffed at his purchase of $27-worth of Bitcoin. Chances are she was singing a decidedly different tune last April, when Koch checked back in on his investment and found out it was worth $886,000. And over a cool million today.

Back in 2009, Koch was working on a thesis paper about encryption, which introduced him to the relatively unknown world of Bitcoin. On little more than a whim, he decided to throw down $27 for 5,000 Bitcoins because the encryption process fascinated him and because why not. Koch then promptly forgot about the purchase—until Bitcoin started popping up in the news four years later, that is.

Remembering his offhand investment, Koch frantically searched for the password to his wallet and was floored to find that, by last April’s standards, he was sitting on an $886,000 nest egg. After trading in just one-fifth of his total purchase, he was able to buy himself an apartment in Toyen, one of the wealthiest areas in Oslo.

Full article at source>

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CoinX Is A New Bitcoin Exchange That Actually Takes Financial Compliance Seriously

October 15, 2013 in Bitcoin, Digital Currency, Investing, Money, News, Virtual currency

By: DYLAN LOVE OCT. 13, 2013 (http://www.businessinsider.com)

CoinX is a brand new Bitcoin exchange that just opened its doors, and we caught up with founder Megan Burton at the Money2020 conference in Las Vegas to learn what her company is all about.

Burton came from an IT and security background and took the opportunity to throw her skills into the increasingly weird world of money.

Operating out of Atlanta, Ga., CoinX is all about turning conventional money into the anonymous digital currency called Bitcoin, and Bitcoin into conventional money. It’s also the first to actually take financial compliance seriously.

Full article at source>

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Winklevoss twins: Bitcoins better than gold

September 20, 2013 in Bitcoin, Digital Currency, Gold, Investing, News, Virtual currency

By Maureen Farrell   @CNNMoneyInvest  (http://money.cnn.com) September 17, 2013

NEW YORK (CNNMoney)

Tyler Winklevoss, one half of the duo known in popular culture as the Winklevii, thinks that the cybercurrency Bitcoin may be a better long-term bet than gold.

“It’s gold 2.0,” he said in a presentation at the Value Investing Conference in New York Tuesday.

Tyler and his brother Cameron, who shared the stage, outlined the bull case for bitcoins. They have been investors and are aspiring Bitcoin entrepreneurs. The twins recently filed paperwork with the SEC for a Bitcoin exchanged traded fund.

Full article at source>

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Australians can now buy beer in bitcoin at Sydney pub

September 17, 2013 in Bitcoin, Currency, News, Virtual currency

September 16, 2013 By: Louise Goss (http://www.coindesk.com)

One of Sydney’s more ancient and traditional pubs is the unlikely place to be trialling one of the newest and innovative technologies of the modern day.

Forget sleek, contemporary and stylish, The Old Fitzroy is as character-filled as they come and is now Australia’s first known pub to start accepting bitcoin.

Publican Garry Pasfield will start taking bitcoins at the bar from 29th September, at a launch event he is dubbing ‘Beer for Bitcoins.’

He made the decision to accept the currency after hearing so much about it from his brother, and learning about it from members of Sydney’s bitcoin meetup groups. He is now hoping to capitalise on the Sydney market by becoming the first bricks and mortar business in the city to take a virtual currency.

Located in the heart of the former working-class neighbourhood of Wooloomooloo, the pub is steeped in history and operates as a hotel as well as having a small theatre out the back.

Full article at source>

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Why The Federal Government Is Going After Bitcoin, But Amazon Coins Are Safe

May 16, 2013 in Bitcoin, Currency, Investing, Virtual currency

By Alyssa Rosenberg on May 15, 2013 (http://thinkprogress.org)

Amazon Coins

Amazon Coins

Bitcoin

Bitcoin

As Washington Post tech blogger Tim Lee reported this morning, the federal government has moved to shut down—or at least restrict—the online currency Bitcoin. The Department of Homeland Security and US District Court for the District ordered a seizure of the funds in Dwolla account owned by the currency exchange Mt. Gox, and Dwolla has stopped processing payments into and out of the account, making it impossible to buy and sell Bitcoins.

As Lee explained:

For years, Bitcoin supporters have touted the currency’s potential to resist government surveillance and censorship. They point to the example of Wikileaks, the whistleblower Web site whose access to funds dried up after the federal government applied informal pressure to intermediaries such as PayPal to cut off payments. The Bitcoin network is fully decentralized, so there is no one with the ability to monitor the network and block illicit transactions. If Wikileaks had funded itself through the Bitcoin network, the government wouldn’t have had such an easy time freezing its funds.

That’s a feature for people concerned with press freedom, but it looks more like a bug for government officials charged with enforcing the nation’s drug, gambling, counter-terrorism, and money laundering laws. The government relies heavily on financial institutions to help them monitor their customers’ financial activities and flag or block potentially illegal transactions. The lack of intermediaries makes Bitcoin an attractive technology for those who want to evade government scrutiny. It was only a matter of time before authorities started to give the technology some unwelcome attention.

Full article at source>

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What’s a Bitcoin and why would you want one?

May 2, 2013 in Bitcoin, Coins, Currency, Digital Currency, Gold, Gold Coins, History, Investing, Money, News, Precious Metals, Silver, Silver Coins, Virtual currency

By Woody Leonhard on May 1, 2013 (http://windowssecrets.com)

You might have heard in recent weeks about Bitcoin millionaires — people who raked in vast sums of real money riding this relatively new form of currency.

Bitcoins offer both a fascinating, new approach to money and many potential pitfalls. Here’s what you should know about this online phenomenon.

The history of money is fascinating. Ancient humans traded salt for fish, wheat for beer, and camels for wives. Around 9,000 BC, give or take a millennium or three, people started using an intermediary object — something they might not need but could exchange. For example, I’ll take one bag of rice for my duck; I’ll give you a half-bag of rice for that small clay pot or a whole bag for that big pot.

In Asia, cowry shells (considerably easier to carry than bags of rice, no doubt) were used long ago for bartering. But as trade expanded around the world, more sophisticated forms of “currency” were needed: bronze-cast knives in China, silver bars of set weights in Mesopotamia, gold bars in Egypt.

Around 700 to 500 BC, the first coins appeared — typically, stamped bits of naturally occurring silver/gold metal called electrum. Minted coins followed, their value dictated by the weight and fineness of gold or silver used. Coins from Athens, Persia, and China circulated all over the world.

Around the 11th century, paper money appeared alongside coins in China. In Europe, the first paper money was a sort of IOU used to document loans in gold. The IOUs gradually formalized into official banknotes.

In the 17th century, European governments (and much of the world soon after) moved into the business of issuing paper money, backed by deposits of gold and silver.

Skipping over centuries of hyperinflation, bank runs, and the end of the gold standard, we arrive at the monetary system in use today.

Full article at source>

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Bitcoin: The Encryption Standard

April 4, 2013 in Bitcoin, Currency, Digital Currency

From http://www.visualcapitalist.com April, 3rd, 2013.

Presented by Dollar Vigilante and Bitcoin ATM.  Thanks to Gold.net for financial data.

What currency is feared by the European Central Bank as a threat to fiat monetary institutions?  What currency is cash like but digitally transmittable allowing for ultimate anonymity and global mobility?

What digital currency is up over 2,200% over the last year?

The answer?  Bitcoin.

Link to Infographic>

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Why Bitcoin may be bad for you now, but great for innovation

April 4, 2013 in Bitcoin, News, Virtual currency

By Emi Kolawole 04/03/2013 (http://www.washingtonpost.com)

Before you rush out and convert every dollar in your possession into Bitcoins, stop. Seriously, don’t do it.

The virtual, decentralized currency has seen a surge of interest as of late, and reached a billion dollars in total value this week. The rise has been credited by some to Cypriots desperately looking for a way to shelter their money from their country’s banking maelstrom. But cold water has been poured on that theory, with experts finding increased media attention in the wake of Cyprus’s economic woes to be more likely the cause for the meteoric rise in Bitcoin’s value.

The rising value, however it is coming about, is leading people who once dismissed the digital currency as a risky, passing fad to start taking a closer look and even convert some of their cash. That also means regulators are stirring. The Financial Crimes Enforcement Network (FinCEN) released new guidelines on virtual currencies in March with no mention of Bitcoin. But, as Ars Technica’s Timothy Lee writes, the new regulations left no doubt as to where FinCEN was pointing its regulatory finger. (Lee’s post outlining four reasons not to buy Bitcoins also is well worth a read as is this explainer by Wonkblog’s Brad Plumer).

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Max Keiser Endorses Gold, Silver and Bitcoin

March 29, 2013 in Bitcoin, Gold, Investing, Money, Silver

“I recommend Gold, Silver and Bitcoin as a safehaven,” says the host of RT’s “Keiser Report.”

(PRWEB.com) March 28, 2013

Max Keiser, the host of RT’s “Keiser Report,” has been a successful stockbroker, inventor of virtual specialist technology and co-founder of the Hollywood Stock Exchange. With Cypriots experiencing bank holidays, the financial analyst has stated that he thinks the big question is, “will the confiscation of money by the IMF and Germany from depositors in Cyprus end up being the trigger for military conflict? We’ve seen coups and revolutions started for less, not to mention WWI.”

He then writes, “As always, I recommend Gold, Silver and Bitcoin as a safe haven during this turbulent time.”

Keiser is also trying to produce the first Hollywood movie ever financed using Bitcoin. To learn more click here! He has followed Bitcoin through its monumental rise to its headline-topping $90 price. Max Keiser has also predicted $500 silver bullion.

Bitcoin has gained attention over the last months, especially as the crisis in Cyprus has erupted.

Who is Mark Keiser?

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Bitcoin – The Libertarian Introduction

March 22, 2013 in Bitcoin, Currency, Investing, Virtual currency

What it is, how it’s used, and why you should care.

Erik Voorhees – April 11, 2012

“When a state currency is challenged, the state itself is challenged, and market forces move swiftly around sickly, depreciating inhibitors.”

  • ·         Introduction
  • ·         What is Bitcoin?
  • ·         How does it work?
  • ·         Why is Bitcoin valuable?
  • ·         No really, WHY is Bitcoin valuable?
  • ·         How does one obtain it?
  • ·         Being careful with money
  • ·         What can one do with it?
  • ·         Bitcoin vs. The State
  • ·         Bitcoin and Disruption
  • ·         Useful Resources

Introduction

There has been much talk about Bitcoin within libertarian and economic circles. It’s becoming a buzzword, but like all new systems that break onto the public stage quickly, Bitcoin brings with it excitement, speculation, rumor, and downright confusion. To be sure, Bitcoin is complicated. After all, it’s an entirely new global monetary system – both a currency and a payment network for that currency.

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Why Bitcoins Are Just Like Gold

March 22, 2013 in Bitcoin, Gold, History, Money

Mar 21 2013  By Alec Liu (http://motherboard.vice.com)

Plenty of people still have a difficult time wrapping their heads around what bitcoin is or why it even has value, especially as the virtual cryptocurrency continues to scale record heights. How isn’t this a Ponzi scheme, many have wondered?

A good way to look at it is to compare it to gold. What gives a shiny metal that doesn’t have a whole lot of real utility–outside of jewelry and limited industrial use–any kind of real world value?

The only reason gold has value is because one day, way back when, long before recorded history, society simply decided that this yellowish precious metal should represent “money.” From that day forward–as that idea spread virally across the globe (or at least the small part of the planet then settled by homo sapiens)–gold came to be worth something in the eyes of the people.

As a representative (and thus store) of value, it became a universal intermediary between goods and services. This was the natural, inevitable economic evolution of the barter system. As it retained its value over time–and eventually throughout human history–gold gained cultural credibility. That’s the quick and easy answer.

Full Article>

 

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